Renowned entrepreneur and philanthropist Tony Elumelu, through his investment vehicle Heirs Holdings and its subsidiary, Heirs Energies Ltd, has become the largest shareholder in Seplat Energy Plc following the acquisition of a 20.07 per cent equity stake from Establishments Maurel & Prom S.A. in a transaction valued at $496m.
The deal was disclosed in a regulatory filing on the Nigerian Exchange on Wednesday. M&P said it entered into a binding agreement after market close on 30 December 2025, to sell its 120.4 million shares in Seplat to Heirs Energies.
The shares were sold at a price of 305 pence per share, with an initial payment of $248m and the balance payable within 30 days, secured by an irrevocable letter of credit. An additional contingent consideration of up to $10m may become payable, depending on Seplat’s share price performance over the next six months.
“We are also very pleased to transfer our stake to Heirs Energies, a subsidiary of the leading Pan-African investment company Heirs Holdings.
We are confident that Seplat will continue to thrive with the support of another strong, long-term shareholder.”
Etablissements Maurel & Prom S.A. (“M&P”, the “Group”) announces that on 30 December 2025, after market close, it entered into a binding agreement in relation to the sale of its entire shareholding of 120.4 million shares, representing a 20.07 per cent interest, in Seplat Energy Plc, a leading Nigerian independent energy company listed on the London Stock Exchange and the Nigerian Exchange, to Heirs Energies Ltd. The sale is at a price of 305 pence per share, corresponding to a total consideration of $496m, with an initial payment of $248m and the balance payable within 30 days, secured by an irrevocable letter of credit. An additional contingent consideration of $10m may become payable, subject to share price performance over the next six months,” the document partly reads.
Recall that Heirs Holdings executed a $750m financing with the African Export–Import Bank.
M&P, one of Seplat’s three founders and its largest shareholder since 2010, supported the company’s growth into a leading Nigerian energy player with a diversified oil and gas portfolio.
Commenting on the transaction, M&P’s Chief Executive Officer, Olivier de Langavant, said, “We are incredibly proud to have supported Seplat’s journey over the last fifteen years and its transformation into a leading energy company in Nigeria across both oil and gas. This investment has also proven to be a great success for M&P, delivering very strong returns since inception in 2010. We believe that now is the right time for M&P to monetise this position and further focus on direct investments in oil and gas assets.”
Langavant added that M&P was confident Seplat would continue to thrive under the new ownership: “We are very pleased to transfer our stake to Heirs Energies, a subsidiary of the leading Pan-African investment company Heirs Holdings, and we are confident that Seplat will continue to thrive with the support of another strong, long-term shareholder.”
Seplat’s shares rose 11 per cent in London following the announcement, while M&P shares advanced 8 per cent in Paris. Herbert Smith Freehills Kramer and Morgan Stanley acted as legal and financial advisers, respectively, to M&P.
Seplat Energy, listed on both the London Stock Exchange and the Nigerian Exchange, plays a critical role in Nigeria’s energy security through its diversified oil and gas operations.
